Question

HELP

Use the simple interest formula, I = prt, to find the simple interest:
Ken borrowed $6,000 for 4 years at a rate of 7% simple interest per year. How much interest will Ken have to pay after paying back the borrowed amount?
A. $168
B. $1,680
C. $1,864.78
D. $16,800

Answer 1

The answer would be B, $1,680

Explanation:

So first of all you want to start by finding what P, r and t would be.

P = Principal amount ($$)

r = interest rate (%)

t = time

Once I found all of those I put them into the equation (l = Prt) and solved. That's how I came up with $1,680. Check the screenshot for my work :)

Have a great day!

Answer 2

The answer is D: 16,800 because you multiply the principal ($6,000), rate (7%), and time (4 years) to get the interest